Mumbai: Uttam Galva Metallics Ltd (UGML), a part of Uttam Galva Group and world’s leading steel maker – POSCO of South Korea, today signed an MoA (Memorandum Of Agreement) to deploy FINEX (Fine Ore Reduction Process – an alternative iron making technology using iron ore fines) and CEM (COMPACT ENDLESS CASTING AND ROLLING MILL – a process to replace a large portion among the CR products with thin Hot Rolled products) technologies for its plant in Wardha.
POSCO’s FINEX technology, coupled with its CEM processes will constitute POSCO’s equity in UGML as per the MoA inked today. As a result of this collaboration with POSCO UGML’s Wardha Plant will have an initial steelmaking capacity of 1.5 million tonnes per annum (MTPA) and will be operational by April 2019.
The key technologies of FINEX are fluidized bed reduction of ore fines, hot DRI (Directly Reduced Iron) fines compaction to HCI(Hot Compacted Iron), briquetting of coal fines, and melting of HCI (Hot Compacted Iron) into hot metal. In pursuit of eco-friendly and slim steelworks, POSCO has developed the CEM process further optimising down stream processes through the rolling mill.
Mr.AnkitMiglani of Uttam Galva said “ I am glad to announce that we will be installing two new state-of-the art technologies and processes from POSCO at UGML’s Wardha Unit which will not only create new benchmarks in the Indian steel industry but bring in manifold increase in efficiencies. This collaboration with POSCO will help create a new direct to customer interface by replacing several cold rolled products with HR thin gauge products. This also reiterates POSCO’s continuing interest in investing in India and its commitment to be a long term partner with the Uttam Group”.
“At Uttam we are committed to the success of the government‘s ‘Make In India’ initiative. This association with POSCO will help us to create a world class integrated steel plant with state of the art technologies Mr.Miglani added.
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